Commerce Exam Past Questions and Answers | JAMB, WAEC and NECO

Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.

• Question 1: Factors of production can be described as the? Options:
  A) resources required for the provision of goods and services
  B) skills involves in deciding and directing the flow of goods
  C) monetary tools employed by government to ensure stable production
  D) elements involved in the process of formulating policies on production
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  The correct answer is A .
• Question 2: An organizational structure that is military in nature is the? Options:
  A) line structure
  B) staff structure
  C) line and staff structure
  D) fnctional structure
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  The correct answer is D .
• Question 3: Banks are engaged in the business of buying and selling of? Options:
  A) bills of exchange
  B) instruments of credit
  C) intangible products
  D) land
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  The correct answer is A .
• Question 4: The business unit that applies the principle of one man, one vote is ______ Options:
  A) sole proprietorship
  B) partnership
  C) public company
  D) co-operative society
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  The correct answer is D .
• Question 5:

  The safe keeping of goods produced until they are needed is

  Options:
  A) hoarding
  B) marketing
  C) packaging
  D) warehousing
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  The correct answer is D .
• Question 6:

  Which of the following groups would advocate for the supply of constant electricity to households?

  Options:
  A) Consumer's association
  B) Credit union
  C) Employer's association
  D) Labour union
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  The correct answer is A .
• Question 7: A risk that can be estimated and calculated to be compensation is? Options:
  A) a delivery risk
  B) an insurable risk
  C) a credit risk
  D) a systematic risk
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  The correct answer is B .
• Question 8: The concept which focuses on consumers in decision-making is? Options:
  A) selling concept
  B) marketing concept
  C) product concept
  D) production concept
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  The correct answer is B .
• Question 9:

  The policy used when contracts are awarded as a result of tender is________

  Options:
  A) market penetration
  B) market skimming
  C) Bid Pricing
  D) Product Line Pricing
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  The correct answer is C .
• Question 10:

  When a company insures the lives of all its employees collectively, the policy is

  Options:
  A) accident insurance
  B) fleet insurance
  C) fidelity guarantee insurance
  D) group insurance
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  The correct answer is D .